OUR THOUGHTS ON:

Tax Deadlines: They're A Changin'

Tax

By Barry Kaufman

The highway funding bill was passed by Congress as H.R. 3236 on July 30, 2015. President Obama is expected to sign the bill. This bill changes more than just federally backed infrastructure spending abilities. It will also change several important tax deadlines. These changes should be welcomed by the taxpayers because now the pass-through returns for Partnerships and S Corporations will be required to be filed before individual tax deadlines of April 15.

New Tax Deadlines Presented in the Highway Funding Bill

Deadlines presented in the bill for calendar-year taxpayers for taxable years beginning after December 31, 2015 will be revised to the following:

Partnerships and S Corporations: March 15, with a six-month extension allowable C corporations: April 15, with a five-month extension allowable

There is an unusual exception for C corporations with fiscal years ending on June 30. These corporations will not have any adjustments to their current deadlines until tax years beginning after December 31, 2025.

These deadlines are being changed to ensure that pass-through entities will have their returns completed and ready for the entities' owners to file their individual returns in a timely manner. The modifications will help taxpayers reduce the burden of trying to obtain pass-through informational statements with little or no turnaround time to complete their own returns.

For more information on these deadline changes or tax questions which you may have, please do not hesistate to contact a member of our department.

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

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